Your account will be frozen and you will not be allowed to transact until you pay up the minimum balance per year, which is fixed at Rs. 1,000. This was Rs. 6,000 earlier. You also need to pay a penalty of Rs. 100 per year (for all the years you didn’t contribute). You can invest in NPS online.

Go to the NPS website – You need to go to http://www.npstrust.org.in/. Click on ENPS (NPS ONLINE). Go to the Registration link. You have options such as individual subscriber/corporate subscriber, Citizen of India/Non Resident Indian, among others.

Using PAN – If you choose to register using your PAN, you need to choose the bank account to which your PAN is linked. The bank would charge you Rs.125 plus taxes for verifying your Know Your Customer (KYC) norms. This will be debited from your bank account.

Using Aadhaar – In this case, you will be asked to key in your Aadhaar number and a One Time Password will be sent to your registered mobile number for authentication.

Fill in the application form – Details such as your name, date of birth, address and bank account number. The application would also allow you to choose the Pension Fund that you want. You can also choose the asset allocation that you prefer. You will need to upload your photograph and digital signature for completing the form.

Mail the form – This process is not completely online. You need to print the application form and mail it to NSDL within 90 days of filling it.

Meanwhile, you could to open a Fixed Deposit. Click here to compare rate and apply.